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even further into record territory. >>> the treasury department says the country's budget deficit dropped to its lowest level in six years, during 2013. the federal deficit was $680 billion in the last fiscal year. that's down from about $1.1 trillion the previous year. cnn global economic analyst, managing editor of "time" magazine. so it's a dramatic -- about 15% drop in the deficit, which is still high, but a lot less than it used to be. what happened? >> well, in short, the country's growing again. we have been in a recovery for the last year. hasn't felt like one to a lot of people, but growing your way out of a deficit is always the best way to do it. that happened during the boom period of the clinton years, what a lot of people have been hoping would happen once we got past the fiscal headwinds in washington, that we get back on a growth path. what's interesting, though, there is actually a cbo study out looking at the longer term impact on budget deficits. and we have to keep growing faster in order to keep it down. we go back to a 2% economy, those numbers will tick righ
a dime to the deficit. >> the president also wants to expand the earned income tax credit for the working poor without children. his budget would also expand the child and dependent care tax credit and create automatic iras to help workers save for retirement but it's unlikely those plans will get through congress. he needs legislation to enact all of that and that does not look likely. >>> global markets are rebounding today as investors digest the situation in ukraine. even the dow jones flew out of the gate this morning. alison kosik is over at the new york stock exchange. how much have we bounced back today? >> quite a bit. what a difference a day makes. even the s&p 500 at a record high. the dow up 200 points, 205 points. all 30 stocks in the dow are in the green. very different story yesterday. it was a sea of red. we also saw that turn-around happening overseas, all the way -- there were those down arrows we saw yesterday in europe, asia, russia, they all turned up today. analysts say investors today aren't on red alert. it's not such a dire situation. i think when putin spoke and
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